How Cryptocurrencies Are Revolutionizing The iGaming Industry

How Cryptocurrencies Are Revolutionizing The iGaming Industry

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December 17, 2022 by Editor's Desk
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The iGaming industry is already huge, accounting for billions in revenue all over the world in the areas where gambling is regulated. Now, cryptocurrencies have entered the equation in a big way, meaning that more and more people are starting to use decentralized currencies when playing slots and other online games. Whether you want to
How cryptocurrencies are revolutionizing the iGaming industry

The iGaming industry is already huge, accounting for billions in revenue all over the world in the areas where gambling is regulated. Now, cryptocurrencies have entered the equation in a big way, meaning that more and more people are starting to use decentralized currencies when playing slots and other online games.

Whether you want to use the more well-known options such as Bitcoin at online casinos or you are investing in some of the newer cryptocurrencies, there are games you can get involved in and enjoy the benefits of crypto. Let’s explore more on these specific benefits and how crypto is revolutionizing the iGaming industry.

The crypto revolution

The crypto revolution is clearly evident on many different iGaming platforms now, as they have started to embrace cryptocurrencies and allow users to deposit and withdraw in crypto. There are some very big brands that allow you to use cryptocurrency in the modern age, showing that this is no longer seen as an outsider method of payment, and is quickly becoming mainstream.

This has been reflected in iGaming with many casinos and slot companies even specializing in gambling using cryptocurrencies such as Ethereum and Bitcoin.

So why is this happening? This is not just about a modern fad, there are many tangible benefits to using cryptocurrencies, especially in the world of gambling and iGaming.

Security

One of the main reasons that cryptocurrencies are becoming so popular is that they are totally secure for users.

Blockchain is a system that allows for decentralized currency that is securely verified within a digital ledger and open database. This means that there are fewer security worries, and you don’t have to rely on one company to manage the whole transaction, which can be risky.

The digital, open ledger makes it easier to track transactions and because the system automatically verifies these, users can rest assured of the technology. It’s almost impossible to create anything fraudulent due to the unique ID codes and the clever encryption technology. It’s also very hard to make any unauthorized transactions.

Blockchain is even evolving, and new technologies such as Polkadot are adding even more security to the process. In the future, it is going to continue to become increasingly safe, secure and convenient.

Speed and convenience

Some methods of transferring money are still frustratingly slow. For instance, using SWIFT to perform a bank transfer can take days and days to get the money transferred to your account. It’s way faster to deposit to your casino or betting account than it is to withdraw any winnings too.

It’s annoying having to wait to get access to your winnings, but a lot of crypto methods allow you to take any winnings out of your gaming account much more quickly, and there are no hold-ups with banks. Even if the transactions are international, it is really quick to move money around.

Reduced fees

Moving money around comes with a cost in many scenarios. For instance, transactions that are made in certain currencies need to be verified, and they may also be subject to a fee, such as a cash advance fee of 3 or 4%.

Crypto has removed this from the equation and taken the banking verification step out of things, as you don’t have to rely on the bank’s systems for verification or the fees they have decided to charge users.

These savings can be beneficial for both the operators and for the customers. Nobody really wants to pay these fees and they definitely don’t have any real benefit other than being an admin fee we are forced to pay. This is one of the ways that crypto is changing everything for online gambling.

Anonymity

In spite of being totally safe and secure due to the unique ID of each transaction, it is encrypted and not tied directly to your personal data, and this helps you to keep your anonymity. In some parts of the world, gambling records may even be considered by lenders and on credit reports, and you may feel that you deserve to be anonymous when gambling. If you hold some crypto and want to use it to gamble, it is not possible for banks and other organizations to track what you are doing with it, and this includes gambling.

We live in an age where anonymity online is becoming even more important, and this means that people are more likely to choose options where they can keep their activities more protected and private. Cryptocurrency enables iGaming companies t